After cooperating with federal prosecutors, the lightest sentence James Merill of Telexfree will might be a minimum of 10 years in jail.
Telexfree was a pyramid scheme marketed as an internet communication platform to investors who lost over USd3.5 nillion millions to James Merill and Telexfree executives.
James Merrill, pleaded guilty in October for multiple fraud counts for his role in the global scheme, in which nearly 1.9 million people from more than 100 countries lost $3.5 billion.
According to a report by the BostonGlobe, James Merill is due to be sentenced in federal court in Worcester next week, while his business partner, Carlos Wanzeler, remains a fugitive in his native Brazil.
In sentencing memorandums filed Thursday, prosecutors alleged that from February 2012 to April 2014, Merrill ran TelexFree’s day-to-day operations, controlled its bank accounts, and helped design its compensation system.
The grace to grass of James Merrill is an incredible one. The company was sold to the world as an internet phone service company. At a point, Telexfree was created by the ‘three musketeers’- Carlos Roberto Costa, Carlos Nataniel Wanzeler and James Matthew Merrill from its former name Common Cents.
Other executives of the company are undergoing criminal charges and trial in Brazil.